OPEC+ Output Cuts Aren’t Advisable Right Now, White House Says

The White House said the OPEC+ decision to cut oil production by 1 million barrels a day was ill-advised under current market conditions, while saying the US will work with producers and consumers with a focus on gasoline prices for Americans.The U.S. doesn’t think cuts are advisable at this moment given market uncertainty and President Joe Biden’s team has made that clear, a spokesperson for the National Security Council at the White House said.The administration will continue to work with all producers and consumers to ensure energy markets support economic growth and lower prices for American consumers, the spokesperson said, citing a decline in US retail gasoline prices by more than $1.50 per gallon since a peak last summer.

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